It appears that Hindenburg Research has done it again. Following the firms work on Nikola Corp (NASDAQ: NKLA), it appears that the firms founder, Trevor Milton, has found himself in hot water yet again. This time however, its with the law.
It was announced this morning that Milton was charged by the US Attorney’s office in Manhattan, with the charges related to Milton’s actions at the firm. Among other charges is the allegation of making false and misleading statements related to the abilities of Nikola’s electric vehicles.
Among issued identified by the prosecutors in relation to Milton’s comments on the electric vehicle firm, is the unveiling of the firms tractor trailer truck which at the time was required to be plugged into the wall, while headlamps were activated remotely by staff. Also identified is the now infamous fact that the firms truck was simply rolled down a hill in a Super Bowl ad, giving the vehicle the appearance of powering itself.
Hindenburg Research was quick to comment on the announcement of charges being filed, making a public statement on Twitter.
The company has yet to comment on the news.
Nikola Corp is currently trading down 6.27% in pre-market trading to $13.27.
Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.